Berkshire’s Trident to Pay Over $20 Million on Redlining Claims

Trident Mortgage Co., owned by Warren Buffett’s Berkshire Hathaway Inc., will pay more than $20 million over allegations that it discriminated against borrowers in the Philadelphia area in the US Justice Department’s first redlining resolution involving a nonbank lender.

As part of the resolution, Trident will have to contribute $18.4 million into a new subsidy program that will provide affordable loans for buyers of properties in Philadelphia neighborhoods where minorities make up most of the population. The lender also will pay $4 million toward a victims’ relief fund, and $2 million for marketing campaigns in redlined neighborhoods, ...